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Mortgages

What does it mean to apply for a loan or fill out a loan application?

A loan application means that you have given a lender or a mortgage broker certain information in anticipation of a credit decision. Information you give might include your name, a property address,desiredloan amount, social security number (to obtain a credit report), estimate of the property value, and your monthly income. Within three business days receiving the information needed for your application the lender or mortgage broker must provide you with a Good Faith Estimate, which you can use to compare the loan quote to loan quotes from other lenders and mortgage brokers.

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